Check the fare conditions. Many of ElAl's rstricted fares can actually be canceled, sometimes for as little as $50 or $100 (especially in Israel). It may be worth your while to cancel and buy again, if the low fare is still available.

But just like you wouldn't expect them to charge you when the price goes up after you've bought your ticket, don't expect a refund when prices go down.

I had two award tickets paid for, and they reduced the fees by some $100 each. Luckily, they also canceled the flights I was booked on, so I was able to cancel the itinerary, refund the miles to my account with no penalty and re-book (other dates) for the lower price. But they wouldn't refund the difference otherwise.

Shuly